India to become world's largest EV manufacturer by 2030: Gadkari
What's the story
India's Union minister for road transport and highways, Nitin Gadkari, has announced the country's ambition to become the world's leading manufacturer of electric vehicles (EVs) by 2030.
He said he believes India can be a major player in the global market for alternative fuel-powered vehicles.
Gadkari's statement comes as a reflection of his confidence in India's future role in this industry.
Industry expansion
EV industry growth since 2014
Gadkari also emphasized the growth of the Indian automobile industry since his government came to power in 2014.
He said when they came to power, the industry was worth ₹14 lakh crore and has now reached ₹22 lakh crore.
This massive growth has made India the world's third-largest automobile market, after USA and China.
Battery evolution
EVs's popularity fueled by battery advancements
Gadkari also cited the decreasing cost of lithium-ion batteries as a key factor driving the growing popularity of EVs.
He also pointed out ongoing research in battery chemistry and innovations as factors that will further boost demand for these vehicles.
His comments underscore the importance of technological advancements in shaping market trends and consumer preferences in the automotive industry.
Global demand
Indian companies are exporting half of their production
Gadkari revealed that some Indian companies are already exporting half of their production owing to high demand.
He expects huge demand for EVs, both nationally and globally, in the future.
His statement highlights the growing interest and acceptance of these vehicles in both domestic and international markets, further bolstering India's ambition to lead in this sector by 2030.